Despite the gains, analysts are skeptical about the rally as the oversupply is likely to put a lid on any serious move higher. In fact, they argue that the conflict between the two major oil producers makes it even less likely to reach an agreement about supporting prices by limiting production. On top of that, poor economic data from China fed concerns about global economic slowdown and potential fall of demand for oil.

Contract for delivery of WTI crude oil in February gained 0.6 percent to $36.98 per barrel as of 2:52 GMT on NYMEX today. Brent crude also edged higher by 0.59 percent to $37.44 per barrel on ICE.
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